Kazakhstan Deposit Fund raises FX savings rate cap to 2.5% from Oct 1

October 3, 2026 at 01:46 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan's Deposit Guarantee Fund raised the cap on foreign-currency savings deposits over 12 months to 2.5% from 1.0% effective October 1, 2026. The move applies only to new or renewed deposits after that date. Other FX deposit caps remain at 1%.

Key Facts

The cap on foreign-currency savings deposits over 12 months rises from 1.0% to 2.5% annual effective October 1, 2026.
The new cap applies only to deposits opened or renewed after October 1, 2026.
Caps on other FX deposits—term, non-term, and savings up to 12 months—remain unchanged at 1%.
Dollarization fell from 80% in 2015 to 19.2% as of September 1, 2026.
The deposit guarantee fund covers up to 5 million tenge for any foreign-currency deposits, cards, and accounts.

Rate Cap Increase

The Kazakhstan Deposit Guarantee Fund raised the cap on foreign-currency savings deposits with terms over 12 months from 1.0% to 2.5% annual effective October 1, 2026. The new cap applies only to deposits opened or renewed after October 1, 2026. Caps on other foreign-currency deposits—term, non-term, and savings up to 12 months—remain at 1%. The fund said banks independently set their own deposit rates within the recommended upper limit.

Dedollarization Context

The fund attributed the liberalization to the National Bank's successful dedollarization policy. Dollarization fell from 80% in 2015 to 19.2% as of September 1, 2026. The tenge's strengthening over nearly a year and positive macroeconomic conditions allowed the National Bank and the fund to proceed with phased liberalization of FX deposit rate regulation. The fund regulates deposit rates to stimulate competition, prevent systemic risks, and ensure financial stability.

Deposit Guarantee Coverage

The fund's maximum guarantee for foreign-currency deposits remains unchanged at up to 5 million tenge, including interest. Guarantees cover up to 20 million tenge for tenge savings deposits, up to 10 million tenge for other tenge deposits and cards, and up to 5 million tenge for any foreign-currency deposits, cards, and accounts. Twenty Kazakhstani banks currently participate in the deposit guarantee system. In the second quarter of 2026, individual deposits exceeded 30 trillion tenge, rising by 1.9 trillion tenge—a record for the 26-year-old guarantee system.